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Ben Stein: Don’t blame China for stock market woes

Ben Stein

By Ben Stein (original source CBS News) 

“So what to make of the recent white-knuckle gyrations on Wall Street? Our contributor Ben Stein has some thoughts on that:

August is the cruelest month.

A good chunk of my savings disappeared as the stock market convulsed, and we’re down at some points by well over 10 percent. Why did it happen?

The pundits and analysts appeared and said it was because of the Chinese devaluation and possible serious weakness in China. This, in turn, would devastate U.S. exports, supposedly, to China and sink the ship of our prosperity.”

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